Core Viewpoint - The article discusses the performance of the ChiNext Artificial Intelligence ETF managed by Huaxia Fund, highlighting its recent market movements and returns since inception [1]. Group 1: ETF Performance - The ChiNext Artificial Intelligence ETF (159381) opened at a price of 1.659 yuan, experiencing a decline of 0.66% [1]. - The ETF's performance benchmark is the ChiNext Artificial Intelligence Index return [1]. - Since its inception on March 14, 2025, the ETF has achieved a return of 67.07%, with a recent one-month return of 1.26% [1]. Group 2: Top Holdings Performance - Key holdings in the ETF include: - Zhongji Xuchuang, which fell by 1.21% - Xinyi Sheng, which decreased by 1.61% - Tianfu Communication, which dropped by 1.89% - Xiechuang Data, which declined by 0.69% - Softcom Power, which increased by 0.09% - Quanzhi Technology, which fell by 0.02% - Shenxinfu, which rose by 0.43% - Beijing Junzheng, which decreased by 2.66% - Zhongke Chuangda, which dropped by 0.24% - Jingjiawei, which increased by 0.45% [1].

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

Group 1 - The software development sector is experiencing a downturn, with the CSI Software Service Index down by 1.32% as of December 3, 2025, led by declines in stocks such as 360, Yonyou Network, and others [1] - Google has launched its most powerful and energy-efficient accelerator, Ironwood, and Meta plans to integrate Google's TPU into its data centers by 2027, with a potential transaction scale reaching several billion dollars [1] - The AI software commercialization process is accelerating, addressing previous concerns about the sustainability of AI investments, as evidenced by the rapid growth in active users of AI applications like ChatGPT, which has surpassed 2 billion globally [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the CSI Software Service Index account for 61.87% of the index, including companies like iFlytek, Kingsoft Office, and 360 [2] - The software ETF (159852) tracks the CSI Software Service Index, providing a convenient tool for investors looking to capitalize on the computer software industry [2] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [3]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 1 / 2 (一)公司回购股份的时间、回购股份数量及集中竞价交易的委托时段、交易 价格等符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公 司回购股份方案的相关规定。 1. 公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 深信服科技股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 三届董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份（以下简称 "本次回购"），用于实施员工持股计划或股权激励计划。本次回购的资金总额 不低于人民币 1 亿元且不超过人民币 2 亿元（ ...

Group 1 - The core viewpoint of the news highlights the performance of China's software and information technology service industry, indicating steady growth in software business revenue and positive export growth despite a slowdown in profit growth [1] - As of the first ten months of 2025, China's software business revenue reached 125.104 billion yuan, representing a year-on-year increase of 13.2% [1] - The total profit of the software industry was 15.721 billion yuan, with a year-on-year growth of 7.7% [1] - Software business exports amounted to 510.9 million USD, showing a year-on-year increase of 6.7%, maintaining positive growth for eight consecutive months [1] Group 2 - The software service index saw a decline of 1.77% as of December 2, 2025, with Aerospace Information leading the gains among component stocks [1] - The top ten weighted stocks in the software service index accounted for 61.87% of the total index, with notable companies including iFLYTEK, Kingsoft Office, and Tonghuashun [2] - The industrial software sector is characterized by high technical barriers and high added value, with significant investment and long development cycles [1]

Group 1 - The Kimi concept sector experienced a decline of 1.78% [1] - Han's Information fell by 3.69% [1] - Guotou Intelligent decreased by 3.49% [1] - Foxit Software dropped by 2.77% [1] - Deepin Technology, Chinese Online, and Zhangyue Technology all fell over 2% [1]

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 99.19% but a recent decline in the last 5, 20, and 60 trading days [1] Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, representing a year-on-year growth of 10.62%. The net profit attributable to shareholders was -80.56 million yuan, showing an increase of 86.10% compared to the previous year [2] Stock Market Activity - As of December 2, the stock price of Deepin Technology was 114.21 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 0.61%. The total market capitalization stood at 48.04 billion yuan [1] - The stock has seen a net inflow of 6.60 million yuan from main funds, with significant buying and selling activities recorded [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Deepin Technology was 30,900, an increase of 11.92% from the previous period. The average number of circulating shares per person was 9,008, a decrease of 10.65% [2] - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, major shareholders included Hong Kong Central Clearing Limited, which held 12.95 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders also saw reductions in their holdings [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext AI ETF, which rose by 2.43% with active trading, indicating a positive market sentiment towards AI-related stocks [1] - The ChiNext AI Index, tracked by the ETF, increased by 2.29%, with significant gains in constituent stocks such as Hangyu Micro (up 14.94%) and Beijing Junzheng (up 14.90%), reflecting robust investor interest in AI technology [1] - The index focuses on foundational technologies like optical modules, computing chips, edge computing, and operating systems, emphasizing practical applications and deployment capabilities rather than just algorithm models [1] Group 2 - The "Artificial Intelligence+" Industry Ecosystem Conference is being held from December 1 to 3, 2025, aiming to foster collaboration and value creation in AI and industry integration [2] - The conference will release the "2025 Artificial Intelligence+ Industry Development Report" and announce the results of the "AI Navigation Cup" and the "Artificial Intelligence+ Application and Skills Competition" [2] - Current market conditions indicate that the AI sector's crowding risk is relatively low, with long-term opportunities still present, although short-term value styles may have an advantage [2] Group 3 - Morgan Stanley believes that China's generative AI is in a rapid development phase, with improving fundamentals for AI-related companies across both software and hardware sectors [3] - There is a growing demand for AI applications, rapid rise in domestic computing power, and meeting model capabilities, indicating a clear development trend in China's AI sector [3] - By 2026, the focus will shift towards the application and innovation of AI, as the market for large models begins to consolidate, marking a new phase for AI deployment [3]

Core Viewpoint - The computer sector has shown a four-phase trend in 2023: initial buildup, peak in February, mid-year adjustment, and breakthrough in September, influenced by the continuation of the 924 market, phenomenon-level catalysts like DeepSeek, and structural improvements in fundamentals [1] Group 1: AI+Coding - The global AI coding tools market is projected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, with a compound annual growth rate (CAGR) of 25.2% from 2024 to 2030 [2] - In China, the AI code generation market is expected to increase from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [2] - High penetration rates in the internet and gaming industries are attributed to the characteristics of industry development, such as intensive project-based work and rapid iteration [2] Group 2: AI+Office - The AI+office software market in China is forecasted to reach 30.864 billion RMB in 2024 and grow to 191.137 billion RMB by 2028, reflecting a CAGR of 57.75% [3] - The core user base for AI office products is stabilizing, with a trend towards integrated product forms [3] - Quark leads the market with over 80 million visits, followed by major players like Tencent Docs and WPS AI, indicating a concentration of over 80% of top products in the hands of internet companies [3] Group 3: AI+Cybersecurity - Major manufacturers are increasingly utilizing machine learning and natural language processing to enhance security detection efficiency and accuracy, transitioning from traditional to proactive defense strategies [4] - The market for AI-driven security applications in China is expected to reach $1.6 billion by 2028, with a CAGR exceeding 230% [4] Group 4: Intelligent Driving - The VLA architecture is a new technology that translates visual information into understandable logic for vehicle operation, aiming for Level 5 full autonomous driving [5] - Sales of highway NOA (Navigation on Autopilot) are projected to rise from 363,000 units to 2.65 million units from January 2023 to January 2025, with penetration increasing from 8.7% to 35.7% [5] Group 5: Industrial Software - The capital expenditure in downstream industries is declining, with the steel sector showing a stabilization in growth at 0.8% year-on-year [6] - High-end design software, particularly those leveraging physical AI for advanced simulation, is emerging as a breakthrough direction with strong valuation elasticity [6] Group 6: Investment Recommendations - Companies to watch in AI+Coding include Zhuoyi Information; in AI+Office: Kingsoft Office, Foxit Software, Zhiyuan Interconnection, and Fanwei Network; in AI+Finance: Jiufang Investment and Tonghuashun; in AI+Cybersecurity: Deepin Technology and Anheng Information; in intelligent automotive: Horizon Robotics, Desay SV, and Zhongke Chuangda; in industrial software: Zhongkong Technology, Rongzhi Rixin, and Saiyi Information [8]

Core Insights - The report emphasizes the upward synchronization of performance cycles and technology cycles in the computer industry, driven by AI empowerment and structural improvements in fundamentals [1][2][3] - The computer sector is characterized as a "bull market leader," with a significant resonance between fundamentals and liquidity, reflecting strong market recognition of revenue expansion potential [3][20] - The report forecasts substantial growth in various AI applications, including AI Coding, AI in office software, AI in finance, network security, intelligent driving, and industrial software, indicating a broad market opportunity [3][11][12][13][14][16][17] Group 1: AI Applications - AI Coding is projected to reshape software development paradigms, with a global market value expected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.2% [3][11][12] - The Chinese AI code generation market is anticipated to expand from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [3][12] - AI in office software is expected to reach a market size of 30.86 billion RMB in 2024, growing to 191.14 billion RMB by 2028, with a CAGR of 57.75% [3][12] - The network security market is projected to grow to $1.6 billion by 2028, with a CAGR exceeding 230%, driven by the integration of AI technologies [3][14] - Intelligent driving technologies are evolving towards L3 commercial applications, with significant growth in high-speed NOA penetration from 8.7% to 35.7% between 2023 and 2025 [3][16] Group 2: Investment Recommendations - The report suggests focusing on companies involved in AI Coding, such as Zhuoyi Information, and those in AI office software like Kingsoft Office and Foxit Software [3][11][12] - In the AI finance sector, companies like Tonghuashun and Jiufang Zhitu are highlighted for their innovative applications [3][13] - For network security, firms such as Deepin and Anheng Information are recommended due to their advancements in AI-driven security solutions [3][14] - In the intelligent driving space, companies like Desay SV and Zhongke Chuangda are noted for their leadership in high-performance driving solutions [3][16] - Industrial software firms like Zhongkong Technology and Rongzhi Rixin are recognized for their contributions to AI-driven industrial transformations [3][17]